RWA Perpetuals Challenge Bitcoin's Trading Volume Amid Governance Debate

The trading volume of RWA Perpetuals has reached near-parity with Bitcoin's on two major exchanges, Hyperliquid and Binance. According to Talos, a $61.7 billion seven-day volume in tokenized stock and commodity futures surpassed 99% of Bitcoin perpetual volume during the week ending July 31, 2026.

RWA Perpetuals are unique because they have no expiry date, allowing traders to maintain leveraged positions while meeting funding requirements. This feature contributes to their popularity among traders.

Tokenized equity contracts made up 57.8% of RWA volume, while commodities contributed 28.2%. These contracts provide price exposure without requiring traders to own tokenized shares or commodities.

Craig Wright has revived a long-running debate over Bitcoin's governance by arguing that the base protocol should remain permanently fixed. He believes competition should occur above rules that developers, miners, companies, or foundations cannot change.